Gas retailers have issued a warning that the cost of a 12.5kg cooking gas cylinder could reach N18, 000 by December if the Federal Government does not take steps to regulate the activities of terminal owners.
President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, revealed that the price of cooking gas, also known as Liquefied Petroleum Gas, (LPG), has significantly skyrocketed at terminals.
The sudden development has led to prices rising from about N9-N10 million per 20 metric tons to N14 million per 20 metric tons.
He said “There is a ridiculous hike in gas prices going on right now, and I am afraid that if the Federal Government does not step in to checkmate the activities of these terminal owners, price could reach as high as N18m per metric tons by December. This means that a 12.5kg could go as high as N18,000”.
Terminal owners, according to him, were “hiding under the guise of high foreign exchange to increase price to further increase the suffering of the masses”. Olatunbosun said there was no justification for the increment, as NLNG Limited still supplied the market.
